We permit the publication of our auditors’ report, provided the report is published in full only and is accompanied by the full financial statements to which our auditors’ report relates, and is only published on an access-controlled page on your website https://www.hermes-investment.com, to enable users to verify that an auditors’ report by independent accountants has been commissioned by the directors and issued. Such permission to publish is given by us without accepting or assuming any responsibility or liability to any third party users save where we have agreed terms with them in writing.

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PricewaterhouseCoopers LLP (“PwC”) accepts no liability (including liability for negligence) to each recipient in relation to PwC’s report. The report is provided to each recipient for information purposes only. If a recipient relies on PwC’s report, it does so entirely at its own risk;

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Hermes grows its leadership in sustainable investment

Hermes Investment Management, the £29.8 billion manager focused on delivering superior, sustainable, risk adjusted returns to its clients – responsibly, has grown on its already recognised position as a leader in sustainable investment gaining five GRESB Green Stars in the 2015 awards.

The Global Real Estate Sustainability Benchmark (GRESB) is a leading source of portfolio-level sustainability data for the real estate industry that covers around $5.5 trillion in assets under management.

The honour builds on the recognition Hermes Investment Management received at last years’ awards when the fund manager received four GRESB Green Stars. Hermes Property Unit Trust was among the funds receiving recognition while Hermes Investment Management and AustralianSuper’s Centre:mk shopping centre in Milton Keynes was also awarded.

Chris Taylor, Chief Executive, Hermes Real Estate, said:“Responsible, sustainable investment has sat at the heart of our strategy for many years now and will continue to do so for the foreseeable future. This approach delivers tangible socio-economic benefits for society at large and is also a sensible business decision. It increases long-term value across our property portfolio, ensuring we can deliver ethical returns that meet and exceed client expectations.

” Tatiana Bosteels, Head of Responsible Property Investment at Hermes Real Estate, added: “Having always approached sustainability in the widest sense of the word, we pride ourselves at Hermes on being ahead of the curve in delivering a truly responsible and sustainable investment strategy. Our ‘Responsibility in Practice’ 2015 report shows in detail the procedure and tools used to deliver this performance. We are pleased to be able to demonstrate our performance compared to our peers through the GRESB awards.”

Hermes manages assets on behalf of more than 200 clients* across equities, fixed income, alternatives and real estate, with £29.8 billion* assets under management. In Hermes EOS, we have the industry’s leading engagement resource, advising on more than £115.7 billion* of assets.

We believe in Excellence, Responsibility and Innovation

Excellence: We aspire to excellence in everything we do. This manifests itself most visibly in our investment performance. We will only offer products to our clients where we believe there is a strong investment thesis and where we can deliver sustainable alpha.

Responsibility: We believe it is our responsibility to lead discussion and debate about the fiduciary responsibilities of fund managers to our clients, their stakeholders and, ultimately, society at large. We have always sought positive engagement with the firms in which we invest.

Innovation: We have the entrepreneurial culture to identify forward-looking products that meet those needs, along with the resources and speed-to-market mentality to develop them rapidly.

Our structure gives clients globally the benefit of access to a broad range of specialist, high conviction investment teams operating within an established and robust operating platform.

*Please note the total AuM figure includes £3.7bn of assets managed or under an advisory agreement by Hermes GPE LLP (“HGPE”), a joint venture between Hermes Fund Managers Limited ("HFM") and GPE Partner Limited. HGPE is an independent entity and not part of the Hermes group. £0.2bn of total group AuM figure represents HFM mandates under advice. Source: Hermes as at 30 June 2015 with exception of four portfolios totalling £0.8bn/€1.1bn/US$1.2bn/A$1.6bn dated as at 31 May 2015.